I've got to call bullshit on this one. Sure SOME engineers need certifications, but most do not. Pretty much just the ones that build buildings/bridges here in the US. I've got 2 engineering degrees(CE/EE) and when I got out college, I took the first half of the PE exam (need to take the second part after 5 years in the field to be a PE) but the only reason I took it is because it is almost impossible to pass after you leave college since it covers the entire field, not just your specialty. It was a "Better off safe" sorta thing. All my professors basically said an EE/CE will never need a PE but you never know...
That said the term Engineer is definitely watered down, but this has been the case at least as long as "Custodial Engineer" has been a term.